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Sabre Insurance Group reports lower half-year numbers

Sabre Insurance Group reports lower half-year numbers | Insurance Business

Sabre Insurance Group reports lower half-year numbers

It’s the turn of Sabre Insurance Group Plc to reveal how it has fared so far in 2019.

Releasing its half-year results this morning, the UK private motor insurance underwriter said it posted a pre-tax profit of £30.5 million, which is lower than the £32 million recorded (on an adjusted basis: £32.5 million) in the same six-month period in 2018.

Profit after tax, meanwhile, for the six months ended June 30 amounted to £24.7 million. The figure also represents a decline from last year’s £25.8 million (adjusted: £26.1 million).

As for Sabre’s gross written premium (GWP) in the first six months of 2019, the total stood at £101.2 million. At the halfway mark in 2018, GWP reached £108.8 million. Combined operating ratio this time around was 71.5%, compared to 68.6% previously.

Despite the decreases, chief executive Geoff Carter is happy nonetheless.

Commenting on the group’s half-year report, Carter stated: “We are pleased to have delivered half year results in line with expectations. The financial and operational performance of Sabre demonstrates the resilience of the business model and the merit in our strategy, despite the competitive market conditions.”

The CEO, who cited Sabre’s “relentless focus on underwriting discipline and profitability over premium volume,” said they continue to deliver strong capital generation.

“While it is difficult to predict accurately when we might see a turn in the cycle, we have continued with our strategy of increasing premiums to reflect claims inflation, which we believe is running at around 7-8% a year, to ensure we continue to write business within our long-standing mid-70%’s combined ratio target range,” added Carter.

In terms of outlook, the insurance boss declared that they remain confident of delivering in accordance with Sabre’s existing guidance for 2019.